Quarterly report pursuant to Section 13 or 15(d)

Other Intangible Assets

v2.4.0.6
Other Intangible Assets
 6 Months Ended
Mar. 24, 2012
Other Intangible Assets [Abstract]  
Other Intangible Assets

5. Other Intangible Assets

The following table summarizes the components of gross and net acquired intangible assets:

 

     Gross      Accumulated
Amortization		     Impairment     Net
Carrying
Value		  
            (in millions)              

March 24, 2012

          

Marketing-related intangible assets – amortizable

    $ 12.3       $ (6.9 )    $ 0      $ 5.4   

Marketing-related intangible assets – nonamortizable

      59.6         0        (16.9 )      42.7   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      71.9         (6.9 )      (16.9 )      48.1   
  

 

 

     

 

 

    

 

 

    

 

 

  

Customer-related intangible assets – amortizable

      42.7         (14.2 )      0        28.5   
  

 

 

     

 

 

    

 

 

    

 

 

  

Other acquired intangible assets – amortizable

      10.8         (5.3 )      0        5.5   

Other acquired intangible assets – nonamortizable

      1.2         0        (1.2 )      0   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      12.0         (5.3 )      (1.2 )      5.5   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total other intangible assets

    $ 126.6       $ (26.4 )    $ (18.1 )    $ 82.1   
  

 

 

     

 

 

    

 

 

    

 

 

  

March 26, 2011

          

Marketing-related intangible assets – amortizable

    $ 12.3       $ (5.6 )    $ 0      $ 6.7   

Marketing-related intangible assets – nonamortizable

      59.6         0        (16.9 )      42.7   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      71.9         (5.6 )      (16.9 )      49.4   
  

 

 

     

 

 

    

 

 

    

 

 

  

Customer-related intangible assets – amortizable

      41.6         (11.9 )      0        29.7   
  

 

 

     

 

 

    

 

 

    

 

 

  

Other acquired intangible assets – amortizable

      11.9         (3.9 )      0        8.0   

Other acquired intangible assets – nonamortizable

      1.2         0        (1.2 )      0   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      13.1         (3.9 )      (1.2 )      8.0   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total other intangible assets

    $ 126.6       $ (21.4 )    $ (18.1 )    $ 87.1   
  

 

 

     

 

 

    

 

 

    

 

 

  

September 24, 2011

          

Marketing-related intangible assets – amortizable

    $ 12.3       $ (6.3 )    $ 0      $ 6.0   

Marketing-related intangible assets – nonamortizable

      59.6         0        (16.9 )      42.7   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      71.9         (6.3 )      (16.9 )      48.7   
  

 

 

     

 

 

    

 

 

    

 

 

  

Customer-related intangible assets – amortizable

      42.7         (13.0 )      0        29.7   
  

 

 

     

 

 

    

 

 

    

 

 

  

Other acquired intangible assets – amortizable

      10.8         (4.7 )      0        6.1   

Other acquired intangible assets – nonamortizable

      1.2         0        (1.2 )      0   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total

      12.0         (4.7 )      (1.2 )      6.1   
  

 

 

     

 

 

    

 

 

    

 

 

  

Total other intangible assets

    $ 126.6       $ (24.0 )    $ (18.1 )    $ 84.5   
  

 

 

     

 

 

    

 

 

    

 

 

  

Other intangible assets acquired include contract-based and technology-based intangible assets.

On February 28, 2011, the Company acquired approximately $2.7 million of identified customer related and other intangible assets as part of its acquisition of certain assets of a privately-held maker of premium fertilizer. These assets are included under the caption, "Other acquired intangible assets – amortizable" in the table above as of March 26, 2011, as final valuation was pending.

The Company evaluates long-lived assets, including amortizable and indefinite-lived intangible assets, for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. The Company evaluates indefinite-lived intangible assets on an annual basis. In fiscal 2011, the Company tested its indefinite-lived intangible assets and no impairment was indicated. Other factors indicating the carrying value of the Company's amortizable intangible assets may not be recoverable were not present in fiscal 2011, and accordingly, no impairment testing was performed on these assets.

The Company is currently amortizing its acquired intangible assets with definite lives; over weighted average remaining lives of eight years for marketing-related intangibles, 18 years for customer-related intangibles and six years for other acquired intangibles. Amortization expense for intangibles subject to amortization was approximately $1.4 million for each of the three month periods ended March 24, 2012 and March 26, 2011, and $2.4 million for each of the six month periods ended March 24, 2012 and March 26, 2011, respectively, and is classified within operating expenses in the condensed consolidated statements of operations. Estimated annual amortization expense related to acquired intangible assets in each of the succeeding five years is estimated to be approximately $4 million per year from fiscal 2012 through fiscal 2016.